2.Controversial Chinese oil rig near Vietnam to be moved. The China National Petroleum Corporation (CNPC) announced that the billion-dollar oil rig that was deployed in disputed waters off the coast of Vietnam two months ago has been relocated to an area closer to the Chinese province of Hainan. Chinese state media said that the rig was being moved “as planned” after discovering evidence of oil and gas. The establishment of the rig near the disputed Paracel Islands worsened already tense relations between China and Vietnam and prompted clashes at sea between Chinese coast guard vessels and smaller Vietnamese boats. The announcement came one day after U.S. president Barack Obama called Chinese president Xi Jinping to discuss Sino-U.S. relations; though Washington previously expressed disagreement with the placement of the rig, it is not clear whether the cancellation was related to the phone call between the two leaders.

4. New Development Bank established at BRICS summit. Heads of state from the five members of BRICS (Brazil, Russia, India, China, and South Africa) gathered in Fortaleza, Brazil, this week for their six annual summit. The New Development Bank (NDB) was established with $50 billion in capital to finance infrastructure and development projects. In addition, there will be a $100 billion contingency reserve pool to help member countries experiencing financial difficulties. The NDB is viewed as a potential rival to the World Bank and the International Monetary Fund (IMF), which disproportionately favor the United States and Europe. For example, although the BRICS make up more than one-fifth of the global economy, together their vote share in the IMF is only 11 percent. The bank’s headquarters will be in Shanghai, and India will provide its first president.

Bonus: Nepal’s former crown prince arrested in Thailand for drugs, again. Former Nepalese crown prince Paras Shah was taken into custody after officers found marijuana in his Bangkok hotel room. Known for his hard-partying lifestyle, this is the second time he has been arrested for possession of marijuana in Thailand in the last two years. He was released on bail three days after his arrest.